While Trizec Properties gets $15.4 million for the land, the bulk of the proceeds came from selling office buildings in St. Louis and Columbia, SC. The 21-story, 337,000-sf St. Louis Place went to Behringer Harvard Funds for $30.2 million while the 14-story, 274,000-sf asset at 1441 Main St. in Columbia's Downtown commanded $27 million from Franklin Street Partners.
The recent sales activity leaves the office REIT with one St. Louis asset, the 1.04-million-sf Metropolitan Square. Occupancy there is 86.5%, according to Trizec Properties' most recent earnings report, while the building it sold was about 25% vacant.
In Columbia, Trizec Properties Inc. has two more office buildings on Main Street—a 225,000-sf building at 1333 Main St. and the 303,000-sf Bank of America Plaza at 1901 Main St. Unlike St. Louis, however, the building with the healthiest occupancy is gone, as 1441 Main St. boasted an 89% rate, 1.3 to 6.3 percentage points better than the other two properties.
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